We watched the second episode last night. So far I think it's really well done and I'm enjoying it, however I do get bothered by the changing of the cannon for reasons I don't entirely get. For example, by this point in Tolkien's story, Galadriel is already married to Celeborn, with a child and is considered a ruler in her own right. She did spurn returning to Valar (due to her pride and love of Celeborn)... You could totally make her a super powerful strong female character and still follow the cannon.. however, you could not have her adventuring around. In cannon, she has a daughter, Celebrian and there isn't much written about her other than she marries Elrond... you could do all sorts of things with that character.
So, they are getting parts of Galadriel's character right -- her athletic prowess, her pride, her distrust/hatred of Sauron, but they are changing other parts of the story which seems silly to me.
As far as black elves, and what not -- I generally don't care - but you kind of have to suspend disbelief that skin tone and other phenotypes are not genetic - so that you can have people of different colors be closely related. I think it might have made more sense to have the Sindarin elves be black or some other phenotype, the Noldor be Scandanavian, the Teleri be something else, etc.
All that being said, when Tolkien wrote the story, his society looked a lot different than our society now. So he crafted a mythology to reflect his world. I don't think it's terrible to adapt his story to reflect the world we now live in as long as the central themes of his mythology exist. I'm not sure they're hitting that either though.
Overall, you can tell Amazon spent a ton of money on this, and the storytelling is way better than the WoT adaptation.